Russia offers bets on Nigeria oil, in gas fields

Islamabad:

Russia has offered Pakistan in the Nigeria oil and gas field, a move that will help ensure energy and reduce pressure on foreign currency.

The Russian Energy Giant Gazprom wants the largest oil and gas explorer in Pakistan – oil and gas development company (OGDCL) – to enter joint ventures in oil and gas exploration projects abroad.

At present, Pakistan produces 15% of crude oil locally, while the remaining needs are met through expensive imports that build pressure on exchange stocks.

Earlier, Pakistan Petroleum Limited (PPL) tried to explore oil and gas in Iraq, but this venture did not work. Now, a Pakistani delegation, led by oil minister Ali Pervaiz Malik, who is on a visit to Russia, has informed Moscow that Pakistan is interested in betting on the fields that are already growing to avoid the dangers.

Ali Pervaiz Malik, who had replaced former Musadik Malik oil minister, was willing to address oil and physical issues. OGDCL CEO Ahmed Hayat Lak is also part of the delegation.

Sources told The Express Tribune that the Minister of Petroleum had a meeting with Gazprom’s CEO, a Russian company responsible for investment abroad in oil and natural fields.

During the meeting, Gazprom’s chief executive offered the Pakistani oil minister to form a joint venture between OGDCL and Gazprom in those areas operating by the Russian company outside Pakistan and Russia.

Currently, Gazprom operates in various countries such as Bangladesh, Vietnam and Nigeria. He informed the Pakistani side that OGDCL could enter a joint venture with Gazprom in any field.

Pakistani companies such as OGDCL, Mari Petroleum, Pakistan Petroleum Limited (PPL) and Coverny Holdings Private Limited (GHPL) had also formed a consortium with a UAE state -owned company in Dubai in an offshoring block.

The United Arab Emirates had offered a field to Pakistani companies, which had already been developed to avoid the dangers and was not a new bloc.

Sources reported that the Pakistani side informed Gazprom’s chief executive that he was not interested in those blocks that had not been developed so far and wanted to follow the model of Dubai’s work. Pakistan wants to bet on those areas already developed by Gazprom.

According to sources, Gazprom offered the oil minister to buy bets on a developed hydrocarbon block in Nigeria, where no risk is involved. He suggested that Gazprom, a state -owned Nigerian company and OGDCL could become partners in this area.

Sources have said that the Russian company will now send a proposal to OGDCL for evaluation, as it would be a net trade agreement. The Pakistani side had already offered Russia to become part of OGDCL’s offering for offshore drilling in Pakistan.

Officials say a joint venture with Gazprom in Nigeria will also be based on the involvement of the Russian company in the offshore drilling in Pakistan.

OGDCL and other Pakistani companies have already come to an understanding with a Turkish business to offer a joint offer for an offshore field of exploration in Pakistan.

Officials say that Pakistan is also looking at the Russian company to become a partner in this venture. Russia is struggling to create a steady basis in Pakistan’s energy sector for the last decade, but has failed to achieve success.

He also worked with Pakistan for the construction of a LNG pipeline from Karachi to Lahore to transport imported gas. However, US sanctions on Russian businesses were an essential obstacle, which could not allow the project to be implemented.

The structure of the Pakistani gas flow plan changed almost six times to avoid US sanctions, but nothing could be successful. Now, Gazprom has offered Pakistan to become a partner in oil and of course fields in Nigeria. Pakistan hopes that this consortium could be successful.